Questions and answers

Tullow has a long- term dedication to Ghana and listing on the Ghana Stock Exchange (the "GSE") is one excellent way to demonstrate our commitment.  Also as Africa’s leading independent oil company, it is an indication of the value we place on the communities in which we operate and the larger Ghanaian public as investors in our business.

The Offer of Tullow Shares on the GSE gave everyone in Ghana the opportunity to own shares in our company and share in our future.

Ghana is now producing oil from the Jubilee field, of which we are the operator, and we would like to follow up on the success of First Oil from the Jubilee field by cementing our long-term commitment to Ghana through a listing on the GSE. Ghana is at the heart of Tullow’s investment programme and long-term future; it is therefore highly appropriate that we are listed there.

Listing on the GSE is also an excellent way to allow everyone in Ghana to share in the future performance of both the Jubilee field and Tullow more widely.

The Offer was open from 13 June to 4 July 2011 with Shares offered at 31 Ghana Cedi per Share. During this period, 10,147 valid applications were received for 3,531,546 Shares representing a total amount of 109,477,926 Ghana Cedi (approximately 72.3 million US Dollars). Shares will commence trading on the GSE from Wednesday 27 July 2011.

A copy of the Prospectus can be downloaded from the Tullow Ghana website and the Information pack.

A secondary listing is used to describe a situation where a company lists its shares on a stock exchange even though those shares are already listed on another stock exchange. Tullow already has its main listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange. The listing on the Ghana Stock Exchange would operate in a similar manner to the listing on the Irish Stock Exchange. We would like investors in Ghana to have a stake in Tullow’s operations both in Ghana and in our wider international operations. A secondary listing of Tullow Oil plc shares allows for that.

The shares will trade separately on the London Stock Exchange, the Irish Stock Exchange and the Ghana Stock Exchange but given that these are the same shares, one would expect a correlation between the share prices on each stock exchange. Typically, the price of Tullow's shares on any stock exchange should be driven by its expected future performance. However, it may also be driven by the price of Tullow's shares on other stock exchanges, given that the shares are interchangeable, which means that they can be bought on one stock exchange and sold on another stock exchange.

Dividends to shareholders in Ghana will be declared in GBP and converted and paid in Ghana Cedis as further described in the Prospectus.

Only you can decide if this is the right investment for you. You are advised that the value of shares can go down as well as up and past performance of Tullow’s shares is not necessarily indicative of future performance. For this reason, before deciding whether to apply for Tullow shares, you should consider carefully whether investing in Tullow’s shares is suitable for you.

You are also advised to read and understand the contents of the Prospectus carefully and/or to seek advice on the offer from a stockbroker or investment advisor authorised under Ghana’s Securities Industry Law.

No. in Ghana, sales of shares are undertaken through a licensed dealing member of the Ghana Stock Exchange. You should check with IC Securities (Ghana) Limited or any other licensed  dealing member of the Ghana Stock Exchange on what fees and/or taxes might be applicable on the sale of shares.